Section Sch5-4 — Income Tax Act 2007

4 For the purposes of clause 3(c), the tax value of the vehicle is the value it would have under subpart EE at the beginning of the tax year or income year, or at the time of acquisition in the year, treating the cost of the vehicle on acquisition as the amount determined under— (a) clause 5, if— (i) the cost price was last used by person A or person B for the vehicle under clause 1: (ii) clause 1 did not apply to the vehicle in the 2-year period referred to in clause 3(c) and neither person A nor person B has used the tax value for the vehicle under clause 1: (b) clause 6, if person A did not own the vehicle and person B last used the tax value of the vehicle under clause 1: (c) clause 7, if person A owned the vehicle and the tax value was last used for the vehicle under clause 1.